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Foxx’s vote on bailout
Story Date: 10/3/2008
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Source: virginiafoxx.com, 10/2/08
Thank you for your friendship and support. We have not bothered you with sending lots of e-mails because we know you probably get more than you want; however, the financial status of our country is the dominant news story along with stories of the role of Congress and I thought it prudent to send you some information.
By now you may know that I voted against the bill presented to the House on Monday. My no vote on that specific bill came in opposition to the bill's ill-advised plan, not in opposition to Congress taking decisive action. In my opinion and the opinion of 227 other House members from both parties from all over the country as well as many other experts who understand economics and our financial system, this was the wrong approach.
The core of the problem is the fact that Democrats in Congress have allowed Fannie Mae and Freddie Mac to run wild and dramatically distort housing prices. Additionally, the Securities and Exchange Commission has also imposed rules on banks that have distorted the pricing of their assets. There are many ways to solve these problems but the bills that the Senate passed and the House defeated WILL NOT ADDRESS those issues at all.
What these bills do is give Henry Paulson $700 Billion to bail out Wall Street investment firms, with an additional $150 billion in completely unrelated spending, despite what the media tells you. Unfortunately, he and President Bush have handled this situation very badly. They have refused to consider alternative plans and have presented a one-sided point of view that has stirred up fear and panic.
I support an alternative bill, H.R. 7223, that gets to the underlying issues and gets our capital markets moving again. Congress must take action, but rushing headlong into Paulson's $700 billion, taxpayer-funded fire sale is the wrong plan.
Here are links to a few articles that I think you will find useful.
Washington Times: Bailout Brakes
Washington Times: Bailout Politics
Foxx seeks 'superior alternatives' to bailout plan
If you need further information, please let me know and I will do my best to get you that information.
Please know that every action I take is focused on abiding by my oath of office to uphold the Constitution and on serving the people of this country by making decisions that are in the best interest of the country now and in the future.
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